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May 31, 2018

What I Learned From My First Property Investment

When Wealth Alliance co-founder, Sylvia Milosevic, first started out in property, she faced many challenges. In her early twenties, Milosevic invested in her first property, she went about it alone and made a few mistakes along the way.

Speaking to the #RealEstate show on Business Day TV, the property entrepreneur highlighted that when she purchased her first investment property, she had no idea how to ‘run it from there.’

“One of the challenges I had was dealing with difficult tenants. So, I didn’t know about evictions. I didn’t even know how to handle a tenant whose not paying rent on time.”

She has since learned that to a credit check goes a long way. These are just some of the lessons Milosevic learned during her early investment years.

She also discussed the value in distressed properties: “You want to look for the worst property on the best street.” Basically look for a property you can add value to.

View the interview below for a more in-depth look at the common mistakes made when investing in property.

 


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